With the transfer window closed, who's top of the class and who has more work to do? Clubs across Europe have their transfer business rated... except Barcelona of course.
Real Madrid (B-)
Real Madrid's transfer strategy does at times appear to be scripted like Zoolander. Essentially it comes down to who's so hot right now and Martin Odegaard, the 16-year-old from Norway, is the Hansel of the January window. Everyone wanted him but Real edged the competition. They should be applauded for convincing the baby-faced Odegaard that Valdebebas really is the best place for his development when many are of the contrary opinion and consider him to be a trophy signing bought for the buzz factor. Another promising youngster, 21-year-old midfielder Lucas Silva, joined from Cruzeiro for 13 million euros. Nurture these players right and Real's new starlets could become Galacticos.
Atletico Madrid (C)
Exchanging a player you signed for 16 million euros in the summer for a player Milan initially acquired on loan and then for free didn't look like great business by Atletico, but bringing prodigal son Fernando Torres back to the Calderon has generated enthusiasm and the energy that Diego Simeone utilises to power his team. If edging Real Madrid and Barcelona to the title and reaching a Champions League final wasn't enough to persuade voters to make him FIFA coach of 2014 maybe his next miracle, that of recovering the Torres we thought had been lost forever, will swing things for him over the next year.
Valencia (C)
Backed by Peter Lim and with Jorge Mendes' connections, perhaps it shouldn't come as a surprise to learn that the biggest deal in Spain this winter was done by Valencia. For 22 million euros they secured a former Copa Libertadores winner, a two-time Europa League runner-up and a World Cup finalist in Benfica's Argentina international midfielder Enzo Perez. A fine holder and interceptor with a decent range of passing, Valencia have won four of their five games since his arrival, including a 2-1 triumph over Real Madrid on his debut. At 28, he's a ready-made upgrade not a prospect, but holds little resale value.
Borussia Dortmund (A-)
In the relegation zone at the end of a horror start to the season, Dortmund didn't wait for the window to open before swiftly intervening. In Kevin Kampl, a 12 million euro Christmas present from the board to their manager, Jurgen Klopp not only unwrapped a playmaker of rare vision -- the Slovenia international laid on 54 assists in 109 games for Red Bull Salzburg -- he got a footballer who requires no adapter to be plugged into his system. Salzburg played the same high pressing full throttle football under Roger Schmidt last season as BVB do and his impact should be instant. With vultures circling, Dortmund also deserve props for retaining their best players.
Bayern Munich (C)
After playing only 338 minutes in the Bundesliga and 52 in the Champions League, it was clear Xherdan Shaqiri did not figure in Pep Guardiola's plans. A cheque for 15 million euros signed by Inter Milan is in the post. Pierre-Emile Hojberg, a player he has spent a lot of time nurturing, was sent on loan to Augsburg to help his development. He has already made an impact. Otherwise, Bayern have an embarrassment of riches. Holger Badstuber is like a new signing. David Alaba is also back from injury and although Philipp Lahm, Thiago Alcantara and Javi Martinez are still out, Pep is putting responsibility on the young shoulders of Sebastian Rode, Gianluca Gaudino and Mitchell Weiser.
Chelsea (B+)
Chelsea know how to play the market in the FFP era. Fringe players have been turned into gold. From the sales of Juan Mata, David Luiz, Kevin De Bruyne and Romelu Lukaku, Chelsea have generated over 150 million euros to help Jose Mourinho bring in the players he wants.
This month has been no different. By moving Andre Schurrle to Wolfsburg for 32 million euros plus add-ons and arranging Fiorentina to pay a fee for on-loan Mo Salah when his loan expires in 2015, Chelsea went shopping for Juan Cuadrado. Is there a downside to the dribbler? Well he's "unstructured" -- a free spirit and versatile to some, tactically ill-disciplined and less efficient than Willian to others. Could they have done with a defensive reinforcement too?
Man City (B)
Paying 37 million euros in January for a player you could have bought for 25 million in June isn't so clever particularly when UEFA have sanctioned you once for FFP violations, not to mention that the player in question might also be unavailable until mid-February because of his participation in the African Nations Cup. But with the addition of Swansea's Wilfried Bony -- a player Mourinho would have liked -- Man City now have four of the top five Premier League scorers of the last calendar year. He could help shift the momentum in the title race and is eligible for the Champions League too. Given Matija Nastasic's exit on loan to Schalke, there's concern City could be short at centre-back. Should they have added extra cover?
Arsenal (B)
They have thinned out a top-heavy squad allowing Lukas Podolski, Yaya Sanogo and Joel Campbell to depart on loan. Francis Coquelin is like a new signing in midfield and it'll be interesting to see what Krystian Bielik can contribute even if Arsenal fans still would have liked a more high profile enforcer in that position. They did however very much welcome the addition of Gabriel Paulista from Villarreal. Competition in defence will be higher and Arsenal will sweat less on Laurent Koscielny's fitness now they have an alternative centre-back of similar style.
Man United (C)
Their team is incomplete in defence and in midfield even though so much was spent in the summer. Their squad has been subject to an injury crisis but United are third in the table despite playing well on only a handful of occasions. They didn't panic buy, instead deciding that if their first choice targets were unavailable in January it would be better to wait until June. Goalkeeper Victor Valdes knows what Louis van Gaal expects from a goalkeeper. At 33, he isn't that old for a player in his role and acts as an insurance policy if David De Gea should leave in the summer. Another member of the old guard, Darren Fletcher, along with Anderson, has gone while United have made a loss on Wilfried Zaha selling him back to Palace.
Inter B+
Built for a different coach and a different system last summer, an overhaul was on the cards at Inter as soon as Roberto Mancini replaced Walter Mazzarri in November, not least because the scarfed one has an ability to make his owners empty their pockets. Seeking to give Inter wings, he not only did that but generated huge enthusiasm by demonstrating Inter's continued appeal in persuading Podolski and in particular Shaqiri, a statement signing, to relocate to San Siro despite the player and Bayern having bigger offers elsewhere.
Marcelo Brozovic follows the path trodden by Mateo Kovacic and fans hope he is as much of a talent. Results, however, have yet to improve: Sunday's defeat to Sassuolo made it 10 points in 10 games under Mancini and an injury crisis at the back provoked feverish activity on deadline day. Davide Santon has returned and the squad is in better shape and more to Mancini's liking than it was before the window opened.
Milan B
After making their worst start to a calendar year since 1941, results in general have been negative at Milan until Sunday's win but, like Inter, their transfer window has been positive. Gabi Paletta was one of the best centre-backs in the league last season. Alessio Cerci was the only player to get into double figures in goals and assists and Destro has put the ball in the back of the net once every 131 minutes in his time in Serie A. Salvatore Bocchetti and the returning Luca Antonelli help patch up an injury-ravaged back line.
Notice the continued effort to restore an Italian identity to Milan. The only box left un-ticked is a deep-lying playmaker -- the ghost of Andrea Pirlo -- to help the team impose its game on opponents. The profile of the signings are underwhelming when compared with Milan's past but relative to where they are at now financially, they have moved well. After backing Inzaghi, it's now up to him to turn things around.
Roma B-
Will Roma regret letting Mattia Destro go? The most prolific player of Rudi Garcia's era at the club even though the striker missed the first four months of it, he could perhaps have been handled better. Playing on three fronts there were enough minutes to keep him happy, though it's true he didn't participate enough in the play for Garcia's taste. They likely won't turn a profit on him either. Seydou Doumbia, 27, is fine replacement: 19 goals in 27 European games for CSKA is the salient stat, including five in four against Man City but he's away at the ANC with Gervinho possibly until mid-February. Winger Victor Ibarbo also suits their style perfectly but he has missed the last six weeks through injury. On the bright side, Marco Borriello is no longer on the payroll.
Juventus C+
If Sebastian Giovinco is so excited about joining Toronto in the summer, Juventus took the view that he might as well go there now. As his replacement, Max Allegri has once again been reunited with Alessandro Matri, who returns to the club with whom he won the Scudetto in 2011. Otherwise Juventus have worked on the future. They now fully own Daniele Rugani, Italy's brightest young centre-back, who'll stay at Empoli for the remainder of the campaign, while Stefano Sturaro, one of the country's most promising midfield players, joins from Genoa. Could they maybe have brought someone in to help them go deep in the Champions League?
Paris Saint-Germain (C)
Limited by financial fair play, PSG had to sell to buy. Rebels Edinson Cavani and Ezequiel Lavezzi were subject to speculation and look likely to leave in the summer. Laurent Blanc has a job on his hands to ensure his authority isn't further undermined, but it would have been foolish to consider letting them go when alternatives are difficult to come by in January. Efforts were made to bring in Adnan Januzaj on loan but PSG neither strengthened nor weakened.